Finance Honda Vehicles

When you choose to buy a new Honda or a quality pre-owned vehicle, financing can be a great option. Some of the benefits of financing include vehicle ownership, the freedom to customize your Honda, and the ability to build equity over time. If you plan to keep your vehicle for many years, purchasing may be the right choice for you. Once your auto loan is paid off, you'll own your Honda outright. Financing also gives you the flexibility to personalize your vehicle with accessories and upgrades while building value with each payment you make.

Leasing a new Honda comes with a variety of benefits, including lower monthly payments and reduced maintenance costs. Because most lease terms fall within the vehicle's factory warranty period, many repair expenses may be covered. Lease payments are also typically based on the vehicle's expected depreciation during the lease term rather than its full purchase price, which can result in more affordable monthly payments compared to financing.

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For around 2 to 3 years, a car lease allows you to drive a new car, while making monthly payments for the length of the lease. When making payments on a lease, you are not paying to own the vehicle, you are paying on the depreciation of the car during the lease, which is why many times leases tend to be the more affordable option. There are end-of-lease options, however, where you can buy out the vehicle, lease a new one, or just hand it in.

Financing a car generally means taking out a car loan on the new or used vehicle you want to buy. Instead of buying the vehicle upfront, you find an auto loan and pay on that monthly. When you get a car loan, you will borrow the money for the car, whether that means finding a loan at a dealership, bank, or lender, and have a loan duration until it gets paid off.

Be prepared! When you go to finance a car, you want to be as prepared as possible when getting an auto loan. Check your credit score and make sure it’s where you want it to be since a higher credit score can typically mean getting a better interest rate. Get approved so that you can calculate how much is right for you to spend on a car. You also want to think about your down payment. Try and aim for 20% down on a car – this can help with your monthly payment/loan amount. Factor in the amount you can put down on the vehicle, as well as your trade in if you plan on trading in your current vehicle.